Taiwan stocks rise in technical rebound, cautious optimism

Taiwan stocks rose on Monday in technical bounce and cautious optimism after a five-session losing streak.

Taiwan stocks rose on Monday in technical bounce and cautious optimism after a five-session losing streak.

The island’s financial markets were closed on Friday due to a typhoon. Prior to that, the main stock index had shed 5 percent in the five sessions to Thursday on worries over the slump in the Chinese equities and the ongoing Greece crisis.

The main TAIEX index was up 0.5 percent at 8,961.75 as of 0213 GMT, after closing down 0.7 percent in the previous session.

Gains were broad-based, with the electronics subindex up 0.6 percent and the financials subindex higher 1 percent.

Shares of chipmaker United Microelectronics were up 0.8 percent, while those of China Development Financial were 1.5 percent higher. Shares of China Steel rose 0.4 percent, while China Airlines gained 0.7 percent.